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Monday, 02 December, 2019, 18 : 29 PM [IST]

Cyprus based Leptos Group to promote and facilitate PR & Citizenship scheme to Cyprus and Greece for Indian HNIs

Leptos Estates, leading real estate group with interests in both Cyprus and Greece, will be promoting and facilitating Permanent Residency (PR) and Citizenship scheme in Cyprus and Greece for Indian HNIs. The company has set up three offices in India at Delhi, Mumbai and Bengaluru to promote and facilitate fast-track PR and Citizenship program for discerning Indians. Both Cyprus and Greece has running (PR) and Citizenship program running with the approval of the European Union to boost their respective economies.

 As per the Cyprus Investment Programme (CIP), Cyprus requires a property purchase of Euro 2 million (INR 16 cr) for citizenship programme. This scheme gives investors the right to live, work, travel and stay anywhere in the EU and free travel to over 155 countries. On the other hand, the PR program requires a property investment of Euro 3 lakh (INR 2.5 cr). The resident permit gives a lot of benefits to the PRs. These citizens, after 5 years, have the right to sell their property and retain one with a value of Euro 5 lakh to be a valid citizen for life time.  

While Leptos Group assures fast-track PR-ship for Greece and Cyprus in a time span ranging from 10 days to 60 days for people who fulfil the eligibility, the Citizenship programme takes six months to accomplish.

 Explaining the nuances of the PR and Citizenship programme to Cyprus and Greece, Pantelis M Leptos, Deputy President of Leptos Group said that while other countries stipulate the PRs to stay permanently, Cyprus and Greece give the flexibility to stay anywhere. ‘It’s the best time to invest in Cyprus and Greece; prices are still low,’ he said. As economies in both countries started stabilising in the last three years and started showing growth trends in the last one year, he said that it is the ideal time to invest and get advantage of the programme. With reports of natural gas reserves in the sea are emerging, the impact on real estate investment at this point of time will be phenomenal, he added.

 Sanjay Sachdev, Head of Marketing, Leptos Estates said that the Residency programme of Cyprus and Greece is most lucrative and economical compared to similar programmes offered by the US, Canada, UK, Australia, New Zealand, etc. While Cyprus has zero property tax, the Corporate tax is 12.5%. Cyprus, he said, is closest European island destination from India and the quality of life, education, healthcare and climate is much better. Around 700 Indian HNIs migrated last year to these destinations and the number is bound to increase in coming years, he said. The momentum will get a boost if the Indian Parliament passes the Dual citizenship bill, Sachdev said.
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